Jiang Han

🇨🇳🇬🇧 Web3爱好者 | Partner and Head of Research at LD Capital

[Adam Hollander @HollanderAdam]

i have some news to share.

this last year and a half running marketing for opensea has been a wonderful adventure. at the same time, it's taken everything i have to give. after a very supportive conversation with @dfinzer, i've decided that this will be my last week at opensea.

it's important that y'all understand this is far more of a personal decision for me than a professional one. i believe in the direction the company is headed, and have enormous confidence in the products we’re building as well as the people building them. that’s only grown during my time at opensea, and i'm proud to have played a small part in its most recent chapter.

i'm not taking another job, and in fact, explicitly plan not to 🙂 i'm going to take some time to focus on my health, family, hobbies, and of course i'll be a regular opensea user. i’ll also continue to make myself available for advice, ideas and product feedback; i want opensea to win.

one of the things i'm proudest of is how capable, creative, entrepreneurial and driven the marketing team has become. and that they all operate with a deep appreciation for artists, creators and our community. i'm confident that everything i was responsible for as cmo is in good hands moving forward.

there are so many exciting things being built at opensea right now. things i’ve always wanted to see from the platform. i’m proud many of these will have my fingerprints on them, and look forward to cheering the team on from the sidelines.

lastly, thank you to all of those that supported me in this role over the last year and a half. i had the opportunity to work with and learn from dozens of truly incredible builders, as well as hundreds of passionate collectors and traders. i hope to stay in close touch with many of you.

for the last time as opensea’s cmo ... sails up ⛵

[unusual_whales @unusual_whales]

Approximately 70% of existing homeowners hold mortgages with rates below 5%, discouraging them from selling and taking on higher rates, per Morgan Stanley

[Andy @andyyy]

Most L1s are completely stuck between narrative chasing, lack of PMF, little to no revenues, a declining userbase of their chain, and layoffs internally.

Its rough out there for the previous darling brands of the space...just an observation.

[Bankless @Bankless]

For @PaulFrambot, variable-rate lending fails the basic test of a true financial primitive:

“If you have variable rate, what does it vary on?”

“The answer is that it’s arbitrary. You rely on something to say what is the rate, which makes it not a primitive.”

“A primitive does not rely on anything for its existence.”

“Fixed rate, fixed term is the right primitive for financing. It is the true and the only true primitive.”

[Stani @StaniKulechov]

After a comprehensive review, Aave is deprecating 50 low adoption asset reserves across multiple deployments.

In addition, Aave is orderly winding down deployments on Sonic, Scroll, zkSync, Metis, Soneium, and Aptos, covering another 25 asset reserves.

As part of this process, 21 matured Pendle PTs are also being deprecated in favour of new maturities.

In total, the changes affect $98.1M in supply and $15.6M in debt.

These measures reduce Aave's economic and technical risk surface as part of the new Aave Risk Framework and Technical Asset Listing Framework.

Aave will continue applying continuous risk assessment for all assets across all deployments.

[Sandeep | CEO, Polygon Foundation (※,※) @sandeepnailwal]

crypto is going through a fundamental shift right now by moving away from the wild west into real world use cases, stablecoins for cross border payments is the first real example.

if youre in the "crypto is dead' group, youre looking at the wrong chart

[Paul Grewal @iampaulgrewal]

Law enforcement wants CLARITY passed. The question for the Senate now: do you stand with them or against them?

[newry @NeWry24]

Polymarket traders aren’t giving ETH even a chance to reach $3,000 by the end of 2026

Traders give only a 17% chance that Ethereum will break $3,000 by the end of 2026, and they’re even split on whether it drops to $1,000 instead

At the current $1,880, the market thinks hitting a new ATH in the coming years is almost impossible: just a 6% probability

And yet ETH’s fundamentals are strong:
🔹 exchange reserves have dropped to a historic low of 15.1M ETH
🔹 33.6% of the entire supply is locked in staking

On the market What price will Ethereum hit in 2026?
🔹 83% that ETH reaches $2,000
🔹 46% that it touches $2,500
🔹 12% that we see $3,500
🔹 <4% that it hits $5,000
🔹 drop to $1,500 at 45%

The market Will Ethereum hit $1,000 or $3,000 first? gives 54% for a move down to $1,000

What do you think will we see a new ATH?

[Imran @lmrankhan]

I don’t think we’ve even scratched the surface of what’s possible with onchain product design.

Some of the most interesting experimentation has come from Adam at Tokenworks.

From Circle/Pvp to NFT Strategy and now FWA, he is likely one of the best onchain product builders in the space and always challenge assumptions instead of copying what already works.

Crypto needs more crypto native founders like Adam willing to run these kinds of experiments. Not every idea will work but the ones that do will create entirely new categories and lay the blueprint for future founders building onchain.

[DCinvestor @DCinvestor]

US home prices jump up literally 50% in ~6 years in the most unremarkable of places while interest rates also go up substantially

and others are really like “yah, millennials are lazy because they don’t own a home”

[alexander @wagmiAlexander]

I've said it before, and I'll say it again: liquidity providers are the life blood of an onchain exchange, you either reward them maximally or lose to someone who does.

Important research from @revertfinance on the eve of the $UNI fee switch's expansion to V4 + RH chain.

[The Kobeissi Letter @KobeissiLetter]

We need more power.

Data center power demand in the US is projected to surge +253% from 2026 levels, to a record 194 gigawatts by 2035.

One gigawatt is roughly equivalent to the capacity of a single traditional nuclear reactor.

As a result, data centers are expected to account for ~20% of US electricity consumption by 2035, up from ~6% today.

To put this into perspective, data centers are estimated to consume ~12% of US electricity by 2030.

Much of this growth is concentrated in a handful of grid regions, such as PJM, which serves the District of Columbia and 13 states, including Virginia, Pennsylvania, and Ohio.

Electricity is the next AI bottleneck.

[Brian Armstrong @brian_armstrong]

Supportive of strong American open-weight models. We're taking action to move more of our work loads to these models at @coinbase.

I think open weight models may actually out-perform frontier models inside companies, because you can fine tune them via reinforcement learning and modify the weights (not just rely on stuffing text into the context window). For example, an open weight and fine tuned model that has seen 100,000 of our compliance cases internally could be a better specialist than any frontier model on its own, which are balanced to be smart across a wide variety of domains.

There is a hybrid approach one could imagine, where an API is provided by a frontier lab or cloud vendor to help you fine tune a frontier model, without revealing the weights publicly. There is still a data sovereignty question here, but at least it would allow fine tuning.

In any event, glad we're seeing more open weight models.

[Larry Sukernik @lsukernik]

Feels like a very large number of crypto people are leaving startups to join big companies for the stability/paycheck. This happened in 2018 and 2022 too

On the whole, this reduces the number of startups getting founded, which can make things feel slow and less vibrant

But all at once, the reduced supply of startups makes starting a company a higher chance of success proposition; you’re fighting fewer companies for the same customer. You may even be the only game in town for a while

Pros and cons to these periods, but overall, they feel like a transfer of opportunity from the risk mitigators to the risk takers

[The Kobeissi Letter @KobeissiLetter]

The AI trade is diverging sharply:

The 30-day correlation between the largest US CapEx spenders and the semiconductor index, $SOX, is down to almost zero, near the lowest in at least 4.5 years.

This marks a sharp decline from the +0.78 positive correlation seen in April.

By comparison, the average correlation coefficient has been +0.60 since the start of 2022.

The divergence comes as semiconductor stocks have rallied while the largest AI infrastructure spenders have declined, and vice versa, since the beginning of June.

This tells us that investors are no longer treating AI infrastructure builders and chipmakers as one trade, as chipmakers benefit from AI demand while hyperscalers face questions over whether massive spending will generate sufficient returns.

The next phase of the AI trade will be defined by profitability, not investment.

[Frank Chaparro @fintechfrank]

Bitcoin and Ethereum tweet volume falls to 12-month lows despite institutional crypto boom

Source: The Block

[Atlantis liquidity @Atlantislq]

POLYMARKET HAS JUST SURPASSED $100B IN NOTIONAL TRADING VOLUME

As I predicted, this happened before the end of the month. And for now, July 2026 is the biggest month according to this metric

@williamlegate told me $1T soon. Retail will only catch on to this meta when we’re already halfway there

[Frank Chaparro @fintechfrank]

IPOs have quietly been a losing bet since 2019.

Brutal chart from Apollo

[Paul Grewal @iampaulgrewal]

The SEC deleted a full year of Gary Gensler's communications at the peak of his campaign against crypto.

The FDIC tried to secretly cut off an entire lawful industry from the banking system and buried the evidence.

The US government doesn't get to operate like this. Unless the American people allow them to.

So @Coinbase sued, won, and exposed the details, resulting in one of the largest FOIA awards in each agency's history. More details below.

[_gabrielShapir0 @lex_node]

Ethereum is changing. Mark my words, it will no longer be the crypto industry's punching bag. There are new orgs and there is new money and a warrior spirit.